Consumers' awareness and profits help insurance sector grow by 50%

The trend of rising awareness can also be seen from sum assured as a percentage of GDP, which has moved up from 60 per cent in FY16 to 76 per cent in FY18

“Insurance is a still a push product. It is yet to become a pull product,” said the managing director and chief executive officer of an insurance company at the Business Standard Insurance Round Table, earlier this month. However, this seems to be changing as protection products are seeing demand from consumers on increasing awareness about pure insurance.

In India, life insurance has mainly been considered to be an investment product, and is the product of choice after bank deposits in households’ financial savings and investments. According to a February 2019 report by brokerage UBS, the share of life insurance has improved